Big Lots stays in the black

Big Lots Inc. stayed in the black in its fiscal second quarter, citing the economy and new branding efforts for its performance.

The Columbus-based discount retailer reported a gain of $3.2 million, or 3 cents a share, for the three months ended Aug. 3. Big Lots posted a loss of $10.7 million, or 9 cents a share, in the second quarter of 2001.

Big Lots said its sales rose to $879.3 million in the quarter, from $748.4 million in the second quarter of the prior year.

The company's profit for the first half reached $15.4 million, or 13 cents per share, compared with a loss of $10.4 million, or 9 cents a share, during the same six months of the previous fiscal year.

Sales for the half rose to $1.8 billion, from $1.5 billion in the first half of last year.

Chairman and Chief Executive Michael Potter said the discounter benefited from softness in the economy, as well as efforts to promote its brand. The company converted the last of its Pic 'N' Save stores to the Big Lots nameplate, which allowed for national advertising.

Big Lots also improved its efforts to have more consumer essentials on hand at all times, which aided sales.

The company raised its profit projections for the rest of the year, forecasting earnings of 66 to 71 cents a share, rather than the previous projection of 58 to 63 cents.